Rising Adoption of Wireless Headsets Necessitates Robust Power Bank Demand by 18% CAGR through 2029

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Aug 24, 2022, 10:30 ET

Power Bank Industry to Witness a Boom with Increased Affordability of Smartphones and Trend of Wireless Accessories

Fact.MR's latest report on the power bank market provides a 10-year forecast through 2019 & beyond. The report further explicates crucial dynamics such as drivers, challenges, and opportunities shaping the market. To present the information in a vivid way, the report is segmented into capacity, energy source, battery type, distribution channel, and region.

NEW YORK, Aug. 24, 2022 /PRNewswire/ -- The global power bank market is expected to grow at a staggering 18% CAGR between 2019 and 2029. As per the study, sales in the power bank market are expected to surge by 5.3x over the forecast period.

Growing prominence of numerous mobile apps and social media platforms has increased the amount of time people spend on their phones, thereby driving the demand for power banks. Owing to rising sales of portable mobile devices like smartphones and tablets, the need for mobile phone accessories, including power banks, is expanding steadily.

Moreover, increased affordability of smartphones due to price reductions, product or technology improvements and portfolio diversification are anticipated to augur well for the global market. Surging popularity of wireless power banks that eliminate the requirement of cables to charge electronic devices and promote hassle-free charging capability would also spur the market.

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Demand for power banks is growing at a fast pace with the rising use of smartphones, tablets, notepads, and other accessories like digital watches and headphones. As per the India Brand Equity Foundation (IBEF), the country's headset market revenue is anticipated to reach US$ 77 Million by 2027 on the back of rising demand for wireless headsets. It is further expected to propel the need for advanced power banks with fast-charging capacities.

Emergence of new technologies like the Internet of Things (IoT), artificial intelligence, and mixed reality, together with the widespread use of the internet, have fueled the introduction of new technologically advanced power banks. In August 2022, for instance, Anker launched MagSafe Power Bank ahead of the introduction of iPhone 14.

The new product has a 5,000mAh internal battery that can offer 7.5W speeds over the magnetic wireless charging pad. It can be purchased directly from Amazon and is priced at US$ 49.99. Thus, increasing number of new product launches by prominent companies and start-up firms worldwide would drive the market.

Key Takeaways:

Based on battery type, the lithium polymer segment is anticipated to account for about 20% of the global power bank market share in the assessment period.
The lithium-ion category is likely to remain at the forefront by generating a share of over 80% by the end of 2029.
East Asia is projected to emerge as a leading region in the power bank market and generate a share of nearly 27% in the evaluation period.
North America power bank market is estimated to hold a market share of more than 26% in the forthcoming years.
The global power bank market is projected to create an incremental opportunity and grow by 5.3x during the forecast period.

Growth Drivers:

Consistent use of internet services and emergence of 4G networks have made smartphones less efficient in terms of power consumption, which would drive sales.
Requirement of high power source owing to the surging trend of social media, gaming, and online video streaming on smartphones is likely to augment growth.

Restraints:

Utilization of various low-cost power banks can damage a phone's charger port and battery, as well as pose security risks, which may hamper growth.
Even though they are compact, power banks can be bulky and thus they are not suitable for minimalistic travelers.

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Competitive Landscape

Key market participants are focusing on launching new products to provide enhanced devices to their customers and broaden their businesses across the globe. Some of the other companies are aiming to engage in collaborations with local firms to expand their foothold in emerging economies.

For instance,

In June 2022, Ambrane unveiled Stylo Max Power Bank to expand its portfolio of mobile accessories. The new product comes with a battery of 50000mAh and is specially designed for campers and hikers. It can power large devices like laptops, digital cameras, and smartphones.
In July 2021, Mi India introduced the Mi HyperSonic power bank in its premium range. It features triple ports and 50W fast-charging capabilities for charging various devices at the same time. It comes with a 20,000mAh capacity that can be easily charged from zero to full in nearly 3 hours and 50 minutes.

Key Companies Profiled by Fact.MR

Beijing Xiaomi Technology Co., Ltd
Lenovo Group Ltd.
Microsoft Corporation
Panasonic Corporation
Sony Corporation
AsusTeK Computer Inc.
Anker Technology Co. Limited
Intex Technologies
Ambrane India Private Limited
Samsung SDI Co., Ltd.

More Valuable Insights on Power Bank Market

In the latest study, Fact.MR offers a detailed study on the global power bank market for the forecast period of 2019 to 2029. This study also highlights key drivers promoting the sales of power banks through detailed segmentation as follows:

By Capacity:

Up to 3,000 mAh
3,001 mAh-8,000 mAh
8,001 mAh-20,000 mAh
Above 20,000 mAh

By Energy Source:

Electric
Solar

By Battery Type:

Lithium-ion
Lithium Polymer
Petroleum Refining

By Distribution Channel:

E-commerce
Brick and Mortar

By Region:

North America
Latin America
Europe
East Asia
South Asia & Oceania
Middle East & Africa

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Key Questions Covered in the Power Bank Market Report

What is the projected value of the power bank market in 2019?
At what rate will the global power bank market grow until 2029?
Which are the factors hampering the growth in the power bank market?
Which region is expected to lead in the global power bank market during 2019-2029?
Which are the factors driving the power bank market during the forecast period?
What is the expected market value of the power bank market during the forecast period?

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About Fact.MR

Fact.MR is a market research and consulting agency with deep expertise in emerging market intelligence. Spanning a wide range – from automotive & industry 4.0 to healthcare, technology, chemical and materials, to even the most niche categories. We are committed to deliver insights that help businesses gain deeper understanding of their target markets. We understand that making sense of the vast labyrinth of data can be overwhelming for businesses. That's why focus on offering insights that can actually make a difference to bottom-lines.

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